(Bloomberg) -- Tradeshift Holdings Inc., a business commerce and supply-chain marketplace, is raising $250 million in a funding round led by Goldman Sachs Group Inc. and PSP Investments to boost its market share and invest in technology before a potential initial public offering.
Additional investors include HSBC Holdings Plc, H14, GP Bullhound and Gray Swan, a new venture Tradeshift's founders created, Tradeshift said Tuesday in a statement. The funding brings Tradeshift's valuation to $1.1 billion, according to the statement.
“What we're trying to create is the digitally connected economy,” Tradeshift Chief Executive Officer Christian Lanng said in a phone interview. “It was important to us to have enough capital that we could take it all the way from here to an IPO.”
Lanng, who's one of the co-founders, said Gray Swan contributed almost $50 million of the new funding round.
Tradeshift enables supply-chain payments and marketplaces for more than 1.5 million businesses globally, including Air France-KLM, HSBC and Societe Generale SA, according to the statement. The San Francisco-based company won't need any more funding after this round and plans to be ready for an IPO within 24 months, depending on market conditions, Lanng said.
To contact the reporter on this story: William Mathis in New York at wmathis2@bloomberg.net
To contact the editors responsible for this story: Michael J. Moore at mmoore55@bloomberg.net, Steve Dickson, Steven Crabill
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